TISCO Securities (TISCO) has reaffirmed its positive view of WHA Corporation Public Company Limited (SET: WHA), following a site visit to the WHA Eastern Seaboard Industrial Estates (ESIE 3, 4, and 5) and the BYD factory.
The visit confirmed WHA’s leading position in Thai industrial land, especially amid the country’s technological and electric vehicle (EV) wave, which continues to push up land values and demand for utilities.
WHA ESIE 3 is now fully occupied, spanning 2,200 rai and hosting 30 companies, including Haier. The WHA ESIE 3.1 expansion, with 250 rai, is already 100% pre-booked with a 5-year backlog, reflecting intense demand. WHA Utilities and Power (WHAUP) is capturing new revenue streams in the area, notably supporting clients like Prinx Chengshan with rooftop solar energy projects expected to deliver 24 megawatts.
WHA ESIE 4, covering 2,800 rai, is designed as a supply chain hub for electronics and EVs, already housing major battery manufacturers like Continental and Sunwoda (SEVB). A third phase expansion of 300 rai is underway to meet surging demand. The area boasts advanced infrastructure, such as high-speed underground fiber and RO water production plants, allowing for premium rates to advanced technology clients. Meanwhile, WHA is finalizing groundworks at ESIE 5, expected to further fuel future growth.
BYD’s presence showcases the scale of Chinese investment in Thailand’s EV ecosystem. BYD aims for high-volume production and is likely to localize battery and commercial EV production, capitalizing on favorable tax incentives. Its facilities’ proximity to suppliers at ESIE 4 and 5 forms a powerful industry cluster, confirming WHA’s role as ASEAN’s EV manufacturing heart.
TISCO expects strong growth for WHA in 1Q26, driven by premium land prices at new sites like Bangna-Trad KM.23 and Teparak (ranging from THB 8 million to 15 million per rai), supporting healthy margins. WHA’s ambitious 2025 sales target of 2,500 rai (worth THB 16 billion) should lead to massive land transfers in 1Q26. New business verticals—including Mobilix’s EV group and a new 300-400 MW data center—are set to deliver stable, high-growth recurring income.
The brokerage firm maintains its ‘Buy’ recommendation for WHA, setting a fair value at THB 4.90 per share. WHA is uniquely positioned to provide critical infrastructure for both digital and green energy transformation.
Ongoing development at ESIE 3.1, ESIE 4, and ESIE 5 places WHA at the center of emerging high-tech and green sectors. Investments in robotics (the next wave after EVs and data centers) add further growth potential. TISCO expects 1Q26 to mark the start of sustained earnings momentum for WHA.
